The Bank of Russia will increase the volume of foreign exchange sales by 26 times in October, up to 5.3 billion rubles. The Ministry of Finance will allocate 3.1 billion rubles for the purchase of currency and gold, almost twice as much as in September, the department’s press service reported.
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The monetary volume of transactions for the purchase of currency and gold will decrease by 2.4 times compared to September, when 172.9 billion rubles were spent for these purposes. In August, 24.6 billion rubles were allocated for the purchase of foreign currency within the framework of the budget rule.
According to the Ministry of Finance, in September the budget suffered a deficit of 38.6 billion rubles due to a deviation from expected oil and gas revenues. In October, the department expects that revenue from this item will exceed the forecast by 110.4 billion rubles.
Taking into account all financial transactions of the Central Bank, net foreign exchange sales in September fell to 200 million rubles per day. In October, the amount will increase 26 times: 5.3 billion rubles will be allocated every day for the sale of foreign currency.
In July, the government reduced the threshold for mandatory sale of foreign exchange earnings by exporters from 60% to 40%. The softening of financial conditions was associated with changes in the economic situation.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
